Mortgage Blog
What took Halifax so long to offer non-IT contractors mortgages?
Posted by on September 11th, 2014 in Mortgage Blog
Halifax was the first High Street lender to offer IT Contractors mortgages. Yet up until 2013, the bank’s underwriters recognised no other contracting sector. If you weren’t an Information Technology professional, you didn’t qualify for contract-based underwriting.
We’re happy to say that’s changed. Halifax now offers mortgages to contractors outside of IT. But it’s taken a long time for them to remove that barrier.
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How do I find a contractor-friendly mortgage lender?
Posted by on July 2nd, 2014 in Mortgage Blog
Before applying for a mortgage directly to a bank, we advise contractors speak first to a financial adviser. True, we are independent financial advisers who specialise in helping freelancers and contractors. So, we’d forgive you for thinking: “You would say, that, wouldn’t you?”
But rest assured, we recommend caution when approaching High Street banks for a mortgage for good reason. Based on years of experience, we can confirm with certainty two things:
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Why transparency about our mortgage lenders is a no-brainer
Posted by on June 23rd, 2014 in Mortgage Blog
The decision to be so transparent about our contractor mortgage lenders is somewhat unprecedented. When we first informed our brokers, you could have cut the tension with a chainsaw. Whilst we understood their reservations, neither they, us nor you need worry.
You see, we deal at a level beyond the advisers at call centres and in your local High Street branch. It’s not that we don’t trust them to reward you with the mortgage your earnings deserve. No, that’s a fib. It is that we don’t. At least not at branch level. But this is not their fault. Nor yours. Nor ours.
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Mortgage challenges for contractors: responsible lending
Posted by on March 17th, 2014 in Mortgage Blog
There are many myths surrounding contractor mortgages. Because high earners with impeccable credit history can struggle to find willing lenders, it’s easy to see why.
This ‘knowledge’ makes it natural to assume that a poor credit score means an immediate barrier to entry. That’s not always the case.
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Kensington Shakes Up Contractor Mortgage Market
Posted by on February 21st, 2014 in Mortgage Blog
Specialist lender Kensington has declared its doors wide open to contractors. Even to those who may have struggled to secure a mortgage in the past. How positive a start to 2014 is that?
There are now a variety of deposits and interest rates on offer for contractors with any level of income. This is a game-changing move by Kensington and not unwelcome.
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The neutered role of today’s bank manager: a painting by numbers
Posted by on February 10th, 2014 in Mortgage Blog
What my dad’s bank manager taught me about security:
Do you know what used to get on my nerves about my dad’s bank manager? Apart from the never-quite-straight wig and invisible cigar fumes leeching from his every pore?
It was the way he insisted upon ruffling my hair every time I met him. Back then, those meetings (and subsequent barnet-buffing) were all-too-often occurrences.
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Help to Buy Contractor Mortgage Guide
Posted by on October 17th, 2013 in Mortgage Blog
It’s clear from the phone calls we’re getting that there’s a great deal of confusion surrounding Help to Buy mortgages. Contractors and freelancers just don’t seem to know whether they qualify. Let’s sort it out, shall we?
First of all there are two types of Help-to-Buy schemes:
- Equity Loan;
- Mortgage Guarantee.
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Was there ever a case for Self-Cert mortgages?
Posted by on May 16th, 2013 in Mortgage Blog
The Self-Cert had no place for freelancers and contractors who qualified for contractor mortgages. Yet for tradespeople who didn’t qualify, self certification of earnings served its purpose.
Zero qualification often occurred when self-employed entities kept insufficient trading accounts. Or, like many freelancers, they worked on ad hoc projects and had no regular income.
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Halifax offers mortgages to ALL professional contractors
Posted by on May 15th, 2013 in Mortgage Blog
Convincing major high street banks to consider all independent professionals’ mortgage applications isn’t easy. So when Halifax Bank told us it was broadening its IT Contractor-only policy, it was cause for celebration. A little one, at least.
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Buy-to-Let is the new contractor pension; protect that future!
Posted by on January 2nd, 2013 in Mortgage Blog
Buy to let investment is one of the preferred choices of long term security for UK contractors. For many of our clients, buy to let (BTL) mortgages form an important part of their retirement plans.
It’s no surprise. Monthly rental income can provide a welcome boost today. But it’s the capital appreciation over the long term that’s the main attraction. It can – and often does – provide better yields than a pension plan.
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Testimonials
Finding a Financial Advisor who’s professional and knowledgeable is a bonus but one that you trust and feel comfortable with immediately is rarer still. I have recommended John to virtually all the other IT Contractors that I work with and will continue to use their services in the future.
John Yerou and his team provided the brokerage service for my last 3 mortgages and I cannot rate them highly enough. No matter how large or small the request they always provide a speedy and professional response. I would never consider using another advisor/broker.
We have been introducing Contractors and Freelancers to Freelancer Financials for several years now. They have established themselves as the preferred choice of financial advisors to all our IT contractors and Freelancers.
Andrew Saunders and Leanie Freed have provided an impressive service - one month from initial enquiry to completion of house purchase, with a mortgage from an established high street lender on a good interest rate. The service was clear, responsive and professionally managed throughout. Most importantly, Andrew understands the business context for contractors and this directly informs their approach to lenders
